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2M17 industrial profit growth surged to a 71-month high of 31.5% yoy
The NBS industrial enterprises survey for Jan-Feb 2017 delivered a stronger-than-expected message of earnings and sales momentum. Industrial profit growth surged to 31.5% yoy for the first two months of 2017, reaching a 71-month high since the 32% seen in 3M11 (Figure 1); industrial revenue growth accelerated for the 6th consecutive month to 13.7% in 2M17 (Figure 2).
Sector wise, growth recovery spread across the board and up-/mid-stream contributed more than half of the headline growth (Figure 3). Coal, chemicals, ferrous metal smelting/processing and oil & gas extraction together contributed 18.5ppt (59%) to the 31.5% earnings growth, mid-stream manufacturing industries such as autos, equipment and electronics also recorded visible growth. Industrial restocking accelerated further as inventory expanded to 6.1% in 2M17, 2.9ppt higher than in Dec-16 and marking the eighth consecutive month of acceleration (Figure 4).
20170327-Deutsche Bank-China Equity Strategy：Surging Industrial Profits to Stre.pdf
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